with us is jim bianco. what is the yellen trade? what do you do? be when the fed will raise rates. there is rumbling that march might be on the table, or might not be on the table. it would be huge news if she hinted the fed would move in march because the markets have not gotten priced in. you will wait to see if she weighs in on the discussion of the fed reducing the size of their balance sheet or the bonds they hold. we have not heard from the big fed officials like fisher or onl dudley or janet yellen the subject. if they weigh in on that subject , that would be significant. i do not think she will on this go around. david: i feel sorry for mr. locker. should we ignore the people apart from janet yellen? extent, yes. two things seem to drive fed policy, what stanley fischer, bill dudley, janet yellen say, then what the markets price in. over the last 100 to 200 meetings, there has not been a rate hike over the last 25 years that was not priced into the market before they did it. we are at 30% right now, so it would be unprecedented if the fed h

exactly. >> thanks, jim bianco, sara, back to you. >> rick, thank you.hot here of president trump arriving at joint base andrews for his departure. he'll be leaving shortly to head down to north charleston, south carolina to visit that boeing plant. he'll have remarks later today. guys, we're also expecting to hear from the governor of south carolina. and boeing of course has been a target of president trump's in the past. he's gone after it for trying to bring down costs of air force one. since then he's met with dennis mu . >> sara mentions that tweet in which the president literally said cancel order about the costs of air force one. but after that muilenberg joined the president's manufacturing council. and as phil lebeau said a few moments ago, the possibility that xm gets discussed. reopening of that would be a major victory for what is essentially the country's biggest trade company. >> yeah, and exporters. a lot on the table that could involve boeing when it comes to some of these trump economic policies. one of them is this border adjustment tax

i want to bring in jim bianco to ask whether we've had so many record closes since the election and thisally continues, is it plain and simple the trump rally that they are witnessing continue to play out here? >> i think the trump rally plays out if you want to put a nuance on it. what kind of trump rally will we get going forward. real growth in earnings which is bullish for the market which is what it's hoping for or will it go more towards inflation. bond traders have been positioning themselves for the inflation part of it more to the point where they overdone the shorgt of the bond market why yields haven't gone up now in two months. what kind of a trump rally will we get? i tend to think we'll see more inflation by the time 2017 finishes off the year and that might be negative for bonds. but, everybody is so short the bond market right now i wouldn't be surprised if we trade down to 210 or 2% by mid-year before we start moving up. >> mark you were saying you think there's more going on here than just trump's election. >> look, i certainly want to give the president credit where cr